Dogecoin in danger of losing $0.13: Investors might need to change tactics

Dogecoin price analysis for March 3 confirms that the token has turned bearish and has performed poorly over the past few weeks. It is also important to note that the $0.14 price level has turned into an important resistance for the token, and as noted in our DOGE price analysis for March 2, 2022, the $0.13 price support might be lost in the near future too.

The data from CoinMarketCap shows that the trading volume of the token dropped 20.98% in the last 24 hours, followed by a 1.26% drop in the market cap. Furthermore, the Market Dominance of the token rests at 0.91%, while the Volume / Market Cap Ratio has a value of 0.03823. Furthermore, the rank of Dogecoin is 13th in the crypto market.

The daily candle for the token opened at a price of $0.330 and reached a daily high of $0.1338. Moreover, the daily low for the token stands at a price of $0.1305. It is also important to note that the price of 1 Dogecoin at the time of writing is $0.1320.

Dogecoin price analysis on the daily chart for March 3

Dogecoin price analysis on the daily chart for March 3 can be concluded on a bearish note for the token as the current prices remain 82.12% low from the all-time high witnessed on May 08, 2021, at 0.737.

Source: TradingView

MACD line has broken above the signal line to confirm a bullish divergence which means that higher prices will follow in the near future. 

The RSI line reads a value of 44.5 which means that the bears are in charge of price action overall. The gradient of the line is negative, which means lower prices might follow in the near future. 

The price action has broken to the lower end of the Bollinger Bands, which means that bears are in control and selling pressure is high.

Conclusion

Dogecoin price analysis for March 3 can be concluded on a bearish note for the meme coin as indicators show that prices might break below $0.13.